Real estate auction option

Auctions growing in popularity

The depression era stigma of a real estate auction has faded from the collective memory of our nation as more homeowners are utilizing them to sell property.

This Tuesday, a home in the upscale Estero neighborhood of Grandezza is being auctioned by Zionsville, Indiana-based Luxury Auction Group. The fax-based auction utilizes a bidding process like auctions on e-Bay.

Auctions are a great vehicle in a booming market to drive prices upward with competitive group dynamics. Not sure that it is the right approach in a slow market, what could be worse than having an auction and have no one show up to bid? A recent Marco Island real estate auction proved to be a real bust.

Home sellers turn to auctions to expedite turnover [News-Press]